TRUMP Needs to Dump Janet Yellen — She’s an Obama Hack Set on Sabotaging Trump Economy
by Jim Hoft
TheGatewayPundit.com
October 20, 2017
During the 2016 election candidate Donald Trump repeatedly attacked Janet Yellen as an Obama lackey who kept the interest rates close to zero to help the far left president.
TRUMP WAS RIGHT.
Since 2000, the Federal Reserve increased the Fed Funds rate excessively under President Bush between 2004 and 2006. These excessive increases led up to the 2008 recession and may have at least partially influenced the economic disaster at that time.
In the past 10 years there have been only four Fed Funds rate increases. Three of those increases occurred after President Trump won the election on November 8th, 2016. On the other hand, after Obama was elected President the Fed decreased the Fed Fund rate to zero and kept it at this rate for most of Obama’s eight years in office.
No Fed Funds Rate increases took place between June 2006 and December 2015. CNBC reported in December 2015 that President Obama oversaw “seven years of the most accommodative monetary policy in U.S. history” (from the Fed). The Fed Funds rate was at zero for most of Obama’s time in office. Finally, in December 2015 after the Fed announced its first increase in the Fed Funds rate during the Obama Presidency, it was reported that:
“Given the economic outlook, and recognizing the time it takes for policy actions to affect future economic conditions, the committee decided to raise the target range for the federal funds rate to ¼ to ½ percent,” the FOMC’s post-meeting statement said. “The stance of monetary policy remains accommodative after this increase, thereby supporting further improvements in labor Premarket conditions and a return to 2 percent inflation.”
The Rest…HERE
